Business

Flutter shareholder Fastball Holdings sells part of stake

Company reduces holding in Irish group to below 5% after ‘lock-in’ agreement expires

Paddy Power and Betfair owner Flutter last year issued shares to Fastball as part of a deal to buy out the company’s minority stake in Fanduel. File photograph: Getty

Thu Aug 12 2021 - 19:25

Flutter shareholder Fastball Holdings has sold some of its stake in the Irish betting group, cutting its interest to just below 5 per cent.

Paddy Power and Betfair owner Flutter last year issued shares to Fastball as part of a deal to buy out the company's minority stake in Fanduel, the Irish group's main US business.

A notice issued to the stock market on Thursday shows that in April, Wilmington, Delaware-based Fastball Holdings LLC sold part of its Flutter stake, reducing its holding in the Irish group to 4.98 per cent from 5.36 per cent.

Fastball sold the shares on April 27th, after March 31st, when the terms of a “lock-in” agreement with Flutter allowed it to sell up to 20 per cent of its stake in the Irish group.

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Fastball's backers include US private equity player KKR, Capital G, the investment arm of Google owner Alphabet, California-based investor Shamrock and telecoms giant Comcast.

Flutter paid Fastball €3.4 billion in cash and shares for its 37.5 per cent stake in Fanduel, the business through which the Irish group is building its US online sports betting operation.

The company's US Revenues hit $900 million (€770 million) in the first six months of this year, according to results released earlier this week.

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